GST revenue grows 12 pc in Feb to Rs 1.49 lakh cr, cess collection at record high

March: Reflecting growth momentum in the economy, gross goods and services tax (GST) collection rose 12 per cent year-on-year to Rs 1,49,577 crore in February, 2023.
The GST revenues in February 2022 was Rs 1,33,026 crore.
“The gross GST revenue collected in the month of February 2023 is Rs 1,49,577 crore of which CGST is Rs 27,662 crore, SGST is Rs 34,915 crore, IGST is Rs 75,069 crore (including Rs 35,689 crore collected on import of goods) and Cess is Rs 11,931 crore (including Rs 792 crore collected on import of goods),” said Finance Ministry on Wednesday.
The Ministry said that the government has settled Rs 34,770 crore to CGST and Rs 29,054 crore to SGST from IGST as regular settlement.
The total revenue of Centre and the States after regular settlements in the month of February 2023 was Rs 62,432 crore for CGST and Rs 63,969 crore for the SGST.
During the month of February this year, revenue from import of goods was 6% higher and the revenues from domestic transactions (including import of services) were 15% higher than the revenues from these sources during the same month last year.
“This month witnessed the highest cess collection of Rs 11,931 crore since GST roll-out. Normally, February being a 28 day month, witnesses a relatively lower collection of revenue.” the Ministry said.

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